I think for the pvp title high ranks there should be some sort of decent benefit too as it separate the noob players in gw 1 who aren't able to max loads of titles and the better GW players who can.
I think they have a thing like this in battlefield to show who played 1st game.
I guess tormented weapons + elite armour = the same weapons and armour in gw2 but it'd be nice to get something decent in gw2 for the time put in on titles
